Wednesday, April 16, 2008

Sub-Zero layoffs may impact small CU

MADISON, Wis. (4/16/08)--Layoffs at a manufacturer of high-end refrigeration and cooking appliances could have an impact on a small Wisconsin credit union that serves some if its employees.

About 200 Madison area employees will be laid off from Sub/Zero Wolf of Fitchburg, Wis. Of those, about 125 belong to Members First CU, Madison, according to Nicholas Kessenich, president of the credit union.

"I do not know how much of an impact it will have on our credit union," Kessenich told News Now.

The $15.5 million asset Members First serves about 15 different employer groups, Kessenich said. It has about 2,680 members.

"We will work with each of the laid-off employees who are our members as much as we can to help them," Kessenich said. "There are different ways we can work with people on this."

Some of the ways the credit union can help members is to give them loan extensions and rewrite loans to give members a lower monthly payment, Kessenich said.

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